More First Time Buyer questions!

vl2588

Hello all, I do hope these aren't stupid questions; I have searched on the internet and have only been able to find general advice.

I have had an offer accepted on a house I am buying with my partner. We have instructed a solicitor as the estate agent wanted this in order to take the house off the market.

What is the usual amount of time between having an offer accepted and applying for the mortgage? I had hoped to do this today (the day after offer accepted) but one of my brokers has no appointments free until Saturday afternoon. Is it normal to delay that long?

This brings me to another query. The broker who is busy has intimated that the deals available at the moment are only as good as the deals I have already been offered from a different broker. The busy broker charges a hefty fee for advice and mortgage application, whereas the other is commission based only. Thus I am probably only wasting my time (and theirs) by going to see the busy broker. I have also had a lot of free advice previously from the busy broker, so I feel morally obliged to at least let them give me a proper 'quote' for a deal. What is the 'done thing' in this situation?

Last question: do I have to arrange life insurance from the mortgage broker or can this be arranged completely separately, and if so am I lilely to save money by doing this?

G_M

vl2588 wrote: »

I have had an offer accepted on a house I am buying with my partner. We have instructed a solicitor as the estate agent wanted this in order to take the house off the market.

What is the usual amount of time between having an offer accepted and applying for the mortgage? I had hoped to do this today (the day after offer accepted) but one of my brokers has no appointments free until Saturday afternoon. Is it normal to delay that long?
No. Just do it when you and broker can fit in an appointment!

This brings me to another query. The broker who is busy has intimated that the deals available at the moment are only as good as the deals I have already been offered from a different broker. The busy broker charges a hefty fee for advice and mortgage application, whereas the other is commission based only. Thus I am probably only wasting my time (and theirs) by going to see the busy broker. I have also had a lot of free advice previously from the busy broker, so I feel morally obliged to at least let them give me a proper 'quote' for a deal. What is the 'done thing' in this situation?

If you think you know who will give you best advice, at best cost to you, use that broker. Thank the other broker. But areyou sureyou have not signed anything? You may be paying for his advice (which you have already received) rather than for an actual application...
Last question: do I have to arrange life insurance from the mortgage broker or can this be arranged completely separately, and if so am I lilely to save money by doing this?

You can always shop around. And yes, shopping around generaly save £.

Go to local library & borrow (free) a book on house buying.

It will answer hudreds of Qs over the coming weeks and explain what to do, when, why etc.

vl2588

Thank-you, very good advice. I am definitely not paying anything, I specifically asked as I was quite surprised by how much advice they give for free - you only pay anything on application.